As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself. This year, homeowners are able to request 180 days of mortgage relief through forbearance. Upon expiration of that timeframe, they’re also entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility. As forbearance expires, homeowners should stay in touch with their lender, because creating a plan for the deferred payments is a critical next step to avoiding foreclosure. There are multiple options for homeowners to pursue at this point, and with the right planning and communication with the lender, foreclosure doesn’t have to be one of them. Many homeowners are concerned that they’ll have to pay the deferred payments back in a lump sum payment at the end of forbearance. Thankfully, that’s not the case. Fannie Mae explains:
When looking at the percentage of people in forbearance, we can also see that this number has been decreasing steadily throughout the year. Fewer people than initially expected are still in forbearance, so the number of homeowners who will need to work out alternative payment options is declining (See graph below):This means there are fewer and fewer homeowners at risk of foreclosure, and many who initially applied for forbearance didn’t end up needing it. Mike Fratantoni, Senior Vice President and Chief Economist at the Mortgage Bankers Association (MBA), explains:
For those who are still in forbearance and unable to make their payments, foreclosure isn’t the only option left. In their Homeowner Equity Insights Report, CoreLogic indicates:
Many homeowners have enough equity in their homes today to be able to sell their houses instead of foreclosing. Selling and protecting the overall financial investment may be a very solid option for many homeowners. As Ivy Zelman, Founder of Zelman & Associates, mentioned in a recent podcast:
Bottom LineIf you’re currently in forbearance or think you should be because you’re concerned about being able to make your mortgage payments, reach out to your lender to discuss your options and next steps. Having a trusted and knowledgeable professional on your side to guide you is essential in this process and might be the driving factor that helps you stay in your home. The post Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/05/why-the-2021-forecast-doesnt-call-for-a-foreclosure-crisis/
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It’s important to ensure that the home environment for those with disabilities provides the support they need to lead safe and happy lives. Though newer homes are often built with home modifications for persons with disabilities, older homes may not have these important and necessary features. Whether you’re living in an older home in Portland, OR that needs significant changes or you are looking for ways to make your new construction home in Atlanta, GA even more accessible to your needs, this guide is for you. It will cover modifications for every area and room to make your home safer and more accessible. After all, a home is only really a home if it brings comfort and enjoyment to all who live there. Questions to ConsiderYou may have recently acquired your new ability status, moved into a new home that needs updates, you’re planning to age in place, or simply noticed an opportunity to make your home more easily accessible. Whatever the case, there are important questions you should ask yourself to figure out what home modifications will best suit your needs:
You should inspect the exterior of your home and examine each room of your house with each of these questions in mind. Consider the most extreme situations when deciding what changes should be made, and remember, your disability may present new challenges over time that you’ll want to be prepared for. Exterior Home ModificationsStart your exterior assessment at the curb — is your address easily visible from the street? What about in the dark or in inclement weather? It’s important that emergency personnel can find your house quickly when summoned, so consider all conditions. Next, move up your driveway and along any walkways to ensure you can get to your front door without encountering any obstacles. Be mindful of cracks that could cause a walker or wheelchair to get caught and put you at risk of a fall. At least one exterior entrance should have either a flat threshold or a ramp with a railing along both sides and landings at the top and bottom. If your home has stairs to the front or back entrance and you are in a wheelchair, walker, or planning on growing old in your home, it’s important to have a ramp installed. Ideally, ramps and pathways are slightly textured to reduce water accumulation and increase traction for shoes, walkers, and wheelchairs. If you live in an area prone to snow, like Boulder, CO, keep ice melt handy during the winter. Consider putting in light-motion sensors. These sensors have excellent benefits as they ensure a well-lit pathway, cut down on energy costs by only activating when needed, and even act as a level of home security since potential thieves won’t appreciate a sudden spotlight. Doors, Hallways, and StairsOne of the most important factors in keeping your home safe is ensuring that there is sufficient lighting in all areas. Hallways and stairwells often don’t have windows and lack natural light, so make an effort to light them properly. Long hallways should have light switches at both ends, as should the bottom and top of a staircase. In general, it’s better to keep your home free from area rugs and runners since they can pose a tripping hazard. If you prefer to have them in your home, secure them with carpet tape or skid-resistant lining. For a disability-conscious home, never include a rug on the stairs or located directly at the top or bottom of stairs, even if it’s secured. If you have limited mobility in your hands or wrists, make sure the doors in your home have handles instead of knobs. You could even consider having power doors installed in the most-used rooms of your house. Be certain they can be operated manually in case of a power outage. Your front door should include a peephole at a comfortable height, as well as a chain that allows you to speak with a visitor without fully opening the door and leaving yourself vulnerable. The BathroomThe bathroom can be a dangerous place for anyone — in fact, the CDC reported that each year about 235,000 people ages 15 and over visit the emergency room due to a bathroom-related injury. That means that as a person with a disability, attempting to use a bathroom that doesn’t accommodate your needs can be extremely risky. The toilet is another area that will require a personal assessment to determine your personal needs. If it’s too low for you to easily transfer to and from, an elevated seat is an easy fix. Some come with arms or guard rails for additional support. There are even those that have adjustable heights to accommodate evolving needs. Your bathing area is especially important to get right since water will add extra risk. Shower stalls with curtains, roll-in accessibility, and a seat are the safest option even if you don’t use a wheelchair. Eliminating the need to step over a ledge or tub wall greatly reduces your risk of falling. And even with grab bars within the stall, it’s best to give yourself the option of an adequately-sized seat. Ideally, your shower grab bars run the length of the tub and an additional one is placed at the end opposite the drain to make a transfer as easy as possible. A non-slip mat or pads should line the bottom to provide better traction inside, and your bath mat outside should have a non-slip bottom as well. The sink area can often go overlooked when it comes to accessibility, but it’s an important spot to consider. Countertop sinks are the safest option for support and access. If your sink is free-standing, reinforce it with an “L” bracket into a wall stud so there isn’t any danger when leaning on it. It can also be a struggle to reach the medicine cabinet or see the mirror from a lower angle. You can use a wall mirror instead, or take off the medicine cabinet mirror and either lower it or readjust it at an angle to improve visibility. For extra storage, pull-out shelves can be installed in the space between the sink and where your legs rest. Don’t forget to insulate any exposed plumbing to prevent burns. The KitchenYour kitchen should have at least one easily-accessible workspace that you can access while sitting. It can be a small dining or breakfast table, or a fold-down table securely hinged to the wall — just be sure it’s sturdy enough to bear a fair amount of weight. The sink will also need to be accessible from a seated position. Even if it’s low enough to accommodate this need, it’s better to create leg space underneath as you did with your counter workspace so you have a more direct angle. You should be able to approach the sink straight forward so you don’t have to come at it parallel. This would result in the need to twist your body sideways, straining your back, neck, and arms. The stove can be an especially tricky area to make accessible and is certainly one of the most dangerous spots in the kitchen if home modifications aren’t made. Controls should all be on the front of the appliance to prevent having to reach across hot burners. Glass cookware can allow you to keep an easier eye on cooking food, but a less-expensive option may be to attach a removable mirror at an angle to the wall behind the cooktop for better visibility. There should be at least two feet of heat-resistant countertop next to the range to permit sliding hot utensils off a burner without the danger of lifting heavy, heated pots. Even mindful organizing can make your kitchen a more accessible place. Heavy cooking utensils, dishes, and canned foods should be kept on bottom shelves. Boxes, drinking glasses, small items, and anything not used on a regular basis can go on top shelves. You can even use clear plastic shelving to easily see what’s on higher-level shelves. Lazy susans are a helpful addition to any cabinet or refrigerator to make it easier to grab items in the back, and BBQ tongs or extension grippers can be kept around the kitchen to help with reaching. The Living Room and BedroomLiving rooms should have plenty of space to move around easily. Though laminate and tile flooring tend to be better options for hallways, kitchens, and bathrooms, most people appreciate the soft and inviting feel that carpet can add to rooms meant for relaxing, like living rooms and bedrooms. It’s important to choose the right kind, so keep in mind that plush and textured carpet can be difficult to move a wheelchair through and can trip up the legs of a walker or cane. To satisfy both mobility and a feeling of warmth, go for low-pile carpeting, typically 1/4 inch thick. Commercial grade carpet tends to be not only more stain-resistant, but it’s also more durable against the wear and tear of wheelchairs and walkers. Space your furniture so that you have adequate room to move around. Keep electrical cords and wires tucked behind furniture or mounted along baseboards to keep them free of your path. If your bed frame, coffee or end tables, or any other furniture in your home have sharp corners, it may be a good idea to pad them to avoid painful run-ins. Be sure that any bed skirts, comforters, or furniture slipcovers don’t hang too far to the floor in a way that could create a tripping hazard. You may want to have a grab bar installed near the head of your bed for easier transfer. If you opt to use a bedside table to aid you, it should be securely mounted into a stud in the wall. Make sure you have a landline accessible from your bedside or an outlet where you can charge your mobile phone overnight so that you can immediately contact help in the event of a nighttime emergency. You could make some of these adjustments yourself, but always be sure to consult a professional contractor when it comes to mounting grab bars and other furniture to the wall, or any other maintenance projects. Have a two-way dialogue when determining what home modifications to make and exactly how they’re made. Never get talked into anything you’re not comfortable with. When in doubt, get a second opinion. Professionals can be your guide to safety, but it’s important for you to have input on what will make your living arrangements comfortable and accessible. Buying a HomeThe Fair Housing Act makes it illegal to discriminate against potential homebuyers based on a disability. In addition, a lender cannot discourage an applicant from applying for a loan based on a disability, nor can they alter the terms or conditions of a loan for this reason, such as increasing an interest rate. Fortunately, there are many organizations and programs who can help people with disabilities who want to buy a home. Check out our guide on down payment assistance programs to learn more about your rights and the resources available to you. The post The Ultimate Guide to Home Modifications for Persons with Disabilities appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/the-ultimate-guide-to-home-accommodations-for-persons-with-disabilities/ As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year. Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to Freddie Mac:
These factors are driving a positive impact on the economy as a whole. According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year. To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below):In addition, last week, the Bureau of Economic Analysis announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd quarter of this year, after decreasing by 31.4% in the second quarter. There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well. Bottom LineThe American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time. Best of all, the housing market is making a significant impact as the economy recovers. The post Real Estate Is a Driving Force in the Economy appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/04/real-estate-is-a-driving-force-in-the-economy/ According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further. While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own. 1. Rent Will Continue to IncreaseThis is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments. 2. Freedom to CustomizeThis is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own. 3. PrivacyWhen renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you. 4. Flexibility for RelocationIf you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think. 5. Building EquityWhen you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement. 6. Tax AdvantagesWhen you own your home, there are additional that work in your favor as well. You can deduct things like your property taxes and mortgage interest (Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation). When you rent, however, the tax benefits are directed to your landlord. Bottom LineIt’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, contact a local real estate professional to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side. The post Rent vs. Buy: How to Decide What’s Best for You appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/03/rent-vs-buy-how-to-decide-whats-best-for-you/
I recently wrote an article about how to make $10,000 a month with rental properties. I have personally surpassed that number and will keep going, but not everyone is at that stage in their investing life. What about those who do not have much money and are looking to get started investing in real estate? ... Read more
from https://investfourmore.com/how-to-invest-in-real-estate-with-less-than-10000/ Tomorrow, Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market will not be one of them. Analysts will try to measure the impact feasible changes in regulations might have on housing, the effect of a possible first-time buyer program, and any number of other situations based on who wins. The housing market, however, will remain strong for four reasons: 1. Demand Is Strong among MillennialsThe nation’s largest generation began entering the housing market last year as they reached the age to marry and have children – two key drivers of homeownership. As the Wall Street Journal recently reported:
2. Mortgage Rates Are Historically LowAll-time low interest rates are also driving demand across all generations. Strong demand created by this rate drop has countered other economic disruptions (e.g., pandemic, recession, record unemployment). In addition, Freddie Mac just forecasted mortgage rates to remain low through next year:
3. Prices Continue to AppreciateThe continued lack of supply of existing homes for sale coupled with the surge in buyer demand has experts forecasting strong price appreciation over the next twelve months. 4. History Says SoThough it’s true that the market slows slightly in November when it’s a Presidential election year, the pace returns quickly. Here’s an explanation as to why from the Homebuilding Industry Report by BTIG:
Ali Wolf, Chief Economist for Meyers Research, also notes:
Bottom LineThere’s no doubt this is one of the most contentious presidential elections in our nation’s history. The outcome will have a major impact on many sectors of the economy. However, as Matthew Speakman, an economist at Zillow, explained last week:
The post 4 Reasons Why the Election Won’t Dampen the Housing Market appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/11/02/4-reasons-why-the-election-wont-dampen-the-housing-market/ Some Highlights
The post Should I Renovate My House Before I Sell It? [INFOGRAPHIC] appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/30/should-i-renovate-my-house-before-i-sell-it-infographic/ The number of houses for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):
When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall. 1. Higher PricesWith so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal. 2. Greater Return on Your InvestmentRising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest Homeowner Equity Insights Report, CoreLogic explains:
This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings. 3. Better TermsWhen we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home. So, is low housing inventory a big deal?Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now. Bottom LineIf you’re interested in taking advantage of the current sellers’ market, contact a local real estate professional today to determine your best move. The post Three Ways Low Inventory Is a Win for Sellers appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/29/three-ways-low-inventory-is-a-win-for-sellers/
I have been in the real estate business for many years. I have flipped houses, wholesale properties, been an agent, own my own brokerage, and I have bought single-family rentals, multifamily rentals, college rentals, and even commercial rentals. After almost 20 years in the real estate business, I can tell you that rentals have been ... Read more
from https://investfourmore.com/why-rental-properties-are-the-best-real-estate-investment/ The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
What’s drawing so many buyers to the market?As Yun mentioned, record-low interest rates are key. Today’s rates are strengthening purchasing power for buyers, too. Sam Khater, Chief Economist at Freddie Mac, emphasizes:
If you’re a homebuyer right now, there’s no question that you want to take advantage of this opportunity – and you’re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low. Who’s planning to buy a home right now?Today’s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their wealth through homeownership. There’s a distinct increase this year in the percentage of those in younger generations searching for homes. The National Association of Home Builders (NAHB) notes:
Here’s a graph showing the year-over-year increase in homebuying interest by generation:According to Mark Fleming, Chief Economist for First American, millennials are reaching their prime home-buying years, a likely driver in this increase:
What’s the biggest challenge for today’s buyers?Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:
With so many buyers actively searching for homes this year and so few houses for sale, it’s more important than ever to work with a trusted real estate professional to navigate today’s market. From pre-approval to bidding wars and guidance on down payment assistance resources, having an agent by your side might make the difference in your ability to land your dream home. Bottom LineIf you’re ready to buy a home, reach out to a local real estate professional to help you along the way. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd. The post Buyer Interest Is Growing among Younger Generations appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/28/buyer-interest-is-growing-among-younger-generations/ |